Friday, 17 August 2012

Pre-Market Brief

Its opex, normally that could be expected to be at least a little bit choppy. Futures are currently flat, to fractionally lower for most indexes.




We're in a clear accelerating wedge on the hourly chart. A break to the downside is likely, but it remains a lousy situation for the bears. At what level will the break happen? 1422 would make sense for some kind of intra-day swing/reversal point.

Yet, there is no catalyst to build downside momentum. There is no volume...and thus the algo-bots remain entirely in control. The melt up is set to continue.

What remains clear, we continue to put in higher highs..and  higher lows.

Next update, 12pm